MINING.

Otago Daily Times, Issue 9391, 2 April 1892, Page 5 (Supplement)

MINING.

NOTES FROM WAKATIPU. (From Our Own Correspondent.)

Arrow, March 26. —It is always a certain amount of satisfaction to see old ground that has been lying idle for a long time taken up to be reworked in a systematic manner. Upon this spirit depends the comfort con veyedtn the phrase, " The inexhaustibility of our goldfields." Such an attempt is being made at Cooper's terrace, Arrow river, where Messrs P. Healy, Ramsay, and Schweder are preparing to rework a portion of ground requiring pumping machinery, for the purpose of which they are constructing a water wheel to be driven by the Arrow river. It is to be hoped that they will bq successful in their undertaking, and that their success will encourage others to follow their example. The Cardrona Hydraulic Sluicing Company have ucceeded in bottoming their paddock at a depth of 41ft from the surface. This depth, however, is reduced to 35ft by a tailrace, into which the hydraulic elevator discharges the stuff and water. Besides having the satisfaction of knowing that the present fall is sufficient to lift all the dirt and water to the required height with ease, the shareholders have the pleasure of being assured that payable prospects were met with, and that dividends are looming in the near future. There is a great scope of ground to work, a considerable portion of which offers greater facilities for working than that now in hand. , , The Sew Hoy Big Beach Company s dredges have obtained IOOOoz of gold since the beginning of the current year, nearly lOOoz per week. This is not a bad record, and reflects creditably upon the manager, Mr E. J. Foord, into whose hands the machines have been put. In no small degree tho success, which has been chiefly attained by three of the four dredges belonging to the company, is due to the careful working of the dredges so as to avoid breakages and consequent delays. Owing to the capital being split up into 120,000 LI shares, the dividends, even if the present yield is kept up, cannot be great. On the other hand, the company have a large scope of ground to work upon, and it will take many years to exhaust their claim, and there is the hope that even better ground may be met with than that at present being worked. Things at the Crown terrace rush are not going ahead so well as could be wished. Several dnfters sunk upon fancy lines would indicate that after all the extent of the run will not be very great. Several of the parties are said to be doing well, and amongst others Mr W. Jenkins is mentioned as most successful. . March 27.—Mr Travenor, the chairman ot directors of the Glenrock Company in London, after spending nearly a week at Macetown, leaves here shortly for Bendigo Gully, Cromwell, to inspect the mine at that place. During Ins soiourn at Macetown Mr Travenor made a close and minute examination of the Premier mine, claim, and works owned by the Glenrock Company, and, with the assistance of Mr h. O. iJeal, jun., took measurements and bearings of the quartz in sight and exposed by the workings. He found that in the present low level workings alone there were 2000 tons of stone in view of a first-rate quality, and that in other parts of the mine proportionately mucli larger quantities are exposed. In addition to measurements and bearings quite a nuuioer oi tests and assays of quartz from the mine was made by Mr Holt, the engineer of the company, giving very satisfactory results. Mr Travenor expressed himself both pleased and surprised witu what he saw, and the very great amount ot worK that had been done for the money laid out upon the mine. The import of this favourable opinion is much increased by the fact that Mr fravenor conducted his inspection in a most intelligent aria thorough manner, quite beyond anything pt the kind generally undertaken or even attempted by men setting out upon a similar errand, ana when it is added that the visit partook a great deal of the surprise inspection, shareholders and others interested have the additional satisfaction of knowing that the results of the visit are thoroughly genuine, and that it will have a healthy moral effect upon future local progress. The battery also came in for a close scrutiny, and passed an equally satisfactory muster, lor the three weeks that the Pelton wheel has. now been running it has done exceedingly well, giving far better results than could have been expected from the old overshot wheel. When on the ground Mr Travenor also went to see most of the now deserted mines m the neighbourhood of Macetown-such as the Homeward Bound, Ladye Fayre, The Maryborough, Garibaldi, All Nations, &c, and expressed himself surprised that such mining chances were allowed to lie unimproved; and it will only depend upon the success of the works now in progress at the Premier whether or not Macetown will come once more to the fore as a reefing locality.

— The price of pure aluminium has been reduced from about 3s 6d per lb to about 2s 6d by the Aluminium Industrie Actieugesellschaft in Neuhausen, Switzerland. These works are now producing about one ton of metal daily, probably the largest output of any works in the world.

OUli LONDON LETTER,

(FiiOJt Our Own Couukspondent.) London, February 20.

Till. IIANK Ol" NEW ZEALAND. The half-yearly general meeting of the proprietors of the Bank of New Zealand was held last week at the Cannon street Hotel. Tho president of tho bank (Mr If. H. Glyn) presided. The chairman during his speech stated that the credit of the b.snk in the colony was undoubtedly improving, and that tho deposits continued to increase steadily. They had been quite easy in their finances during the past six months, and had been able to take up sundry new accounts which had been offered to them.

"It was nut possible," said Mr Glyn, "to compare accurately the accounts of September 30 with those of March 31, but the expansion had amounted to a little over L 200,000. Ho took it that the best proof of all that the bank was improving was the fact of their being able to declare an interim dividend at the rate of 5 per cent, for the half-year ended September 30 last. Whatever accrued to tho bank on March 31 from the Estates Company would bo dealt with in the half-year's accounts of the bank. They had suffered no loss, neither were they in any way involved in the numerous failures that had occurred, in Melbourne and other parts, of building societies and so-called banks.— (Hear,) For some time the advances in Australia had been reduced, New Zealand being a better field in which to lend money. He would express no opinion with regard to the new Land Tax Bill, 'but. as the Government bank, it was their duty to serve any Government that might be in power. The taxation of the business of the bank, quite apart from the assets in the Estates Company, would not be in any way added to, but they were hit rather in the Estates Company. The realisations since March 31 were not large, but in about a couple of months a land sale of about 340,000 acres would take place in the South Island, the result of which would be interesting as showing what the colonists of New Zealand thought of the future of land in tiie cobpny under the new regime. With regard to the liability for the note issue, as they were not an English bank, they had taken the opinion of tho solicitors of the bank at Auckland, which was that the point raised did not affect in any way the liability of the shareholders. He took that to mean that they were not in any way unlimited as regarded the

note issue."

A vote of thanks to the chairman was proposed by Mr Snow, who said; Mr Chairman, I take it .that your report to-day is a very satis-' factory one to all of us. Although you stated at first you had very little to say, I consider in. the very few words you said you have dealt with questions of very great moment to us, and they have been very satisfactorily answered. There may have been questions to put to you, but mine have been already answered by you. I regret very much that last year I was not able to pay you an expression of thanks, which was due to you and the members of your board. . . . . I am sure every shareholder will heartily support a hearty vote to our chairman and his colleagues for the admirablti manner in which they have conducted this concern. Further, I do think, Mr Chairman, for our colonial shareholders it must be a great satisfaction to know, by reports that they find in the press and otherwise, the results of this meeting, because it would otherwise be one year before they might hear anything as to the affairs of this bank. I consider, myself, that we are putting unfortunate causes aside which every corporation is liable to, and that with the careful, and undoubtedly business-like management we are now experiencing, that this bank will not only regain the position it had before, but it will prove to be one of the finest institutions of our Empire, not only in the confidence of the public, but for our shareholders also. I believe, when we have built up a proper reserve, that we shall return dividends which will not only be on a par with what we have had for the first 20 years, but will be thoroughly satisfactory to us as shareholders. Now I beg to thank you, Mr Chairman, and your colleagues, for the admirable mauuer in which you have worked for us, and I hope this vote will be supported most heartily. The vote of thanks was seconded by Captain Dibley, and accorded with unanimity. NATIONAL MORTGAGE AND AGENCY COMPANY OF

NEW ZEALAND. The affairs of the National Mortgage and Agency Company of New Zealand seem to be in a flourishing condition. Mr Henry R. Grenfell, chairman of the company, speaking at the ordinary general meeting last week showed that the profits this year were as nearly as possible the same as last. " Some anxiety," said he, "had been entertained with regard to the effect of recent financial legislation in New Zealand on landowners, mortgage, and debenture holders, but after exhaustive inquiries the directors were of opinion that the changes proposed to be made would not exceed those which the company had had to pay under the property tax. They would notice that, contrary to their custom of previous years, they had in the present accounts placed nothing to the credit of the reserve fund, the reason being that they had, instead, written down the securities by a sum exceeding that which they had hitherto placed to the reserve fund." In the discussion which followed, some of the shareholders expressed dissatisfaction at the heavy cost incurred in the management of the company, but their objections were negatived, and finally the report was unanimously adopted.

TUB OAMAIUJ DEFAULT. The action of the Oamaru Municipal Council in what is termed its "default" is the subject of much adverse comment here. The Financial News of February 12 publishes a very strong article on the matter, which, as a thing of New Zealand concern, I give in full: —"When, last autumn," says the Financial News, "the Oamaru Harbour Board defaulted on the LIOO,OOO loan raised under the act of 1879, it had the decency to issue to the bondholders a circular stating the facts of the case very frankly

and fully, and expressing deep regret at the position in which it was placed. The municipality of Oamaru has followed the example of the Harbour Board in so far that it has defaulted; but it has done so without a word of apology or explanation. Two coupons recently fell due, and the .bondholders were curtly informed as to each, by an advertisement in The Times, that the Union Bank of Australia ' had received a telegraphic remittance on account of the coupons due at the reduced rate of interest of 4per cent, per annum, or L 2 for each coupon of L 3 10s.' The bankers have no other information on the subject, being, in fact, no more deeply concerned with the municipality of Oamaru than to receive its remittances and pay them away to the bondholders ; but, meantime, an interesting batch of Oamaru journals has come to hand, from which the bare bones

of The Times advertisement may be clothed

into a pretty figure of colonial financing. In dealing with the conduct of Virginia recently, we found that a State which had borrowed money declined to pay more than a ridiculous fraction oE its debt, being all the time able to

pay, if not the whole, at any rate a considerable part; aud the only description that we had for

such conduct was outrageous dishonesty. We

stigmatised Virginia as a disgrace to the Union and a disgrace to civilisation. No doubt,

if we applied such language to Oamaru, which is under the whig of our own empire, we should at once lay ourselves open to the charge of adopting a most unbecoming attitude towards a parb of a great colonial dependency ; and yet the conduct of the Oamaru municipality seems to be but a shade less reprehensible than that of Virginia. It is better not to mince matters ; better that the colonies"should be told in plain words what the feeling of the-mother country is in such a case. . . . The Oamaru papers that have just reached England speak with much indignation of the conduct of the council, declaring that the feeling of the inhabitants is against default, and also the feeling of a large minority of the council. Then by all means let the feeling of the inhabitants aud the more honest councillors struggle till it prevails, as surely it could. Colonial finance is already in sufficiently bad odour. From colossal loans

that will not float to small banks that collapse, the English investor has ranged the menu and is perfectly nauseated. But, so far, there has been no worse blot on the colonial escutcheon than recklessness—recklessness in borrowing, recklessness in speculation. We hoped that the former had been checked in time, and that the latter had spent its force; but it has been reserved for the municipality of Oamaru to court a far worse charge than that of imprudence. The course that it proposes to take is nothing short o? dishonest. Had Oamaru come to its creditors and said: ' We cannot pay. These are our resources ; what will you agree to in the shape of compromise?' there is no reason to suppose that such an advance would have been met in other than a reasonable spirit. But when Oamaru approaches its creditors with its cap in one hand and a bludgeon in the other, it is time that the small fry of colonial borrowers should have as sharp a lesson read to them as the governor of the Bank of England read the other day to the truculent statesmen of Queensland." TUB WESTERN AUSTRALIAN LOAN.

The Star does not look at the Australian colonies through rose-coloured spectacles. Tenders for the issue of L 250.000 Western Australian Government 4- per cent, stock were opened last week at the London and Westminster Bank, and amounted to L 225,500 at prices ranging from the minimum of L 99 to LlOl 2s 6d. The balance of the loan (L 24.500) was taken in the room at the minimum. The average price obtained for the stock is L 99 2s. Referring to this result the linancial editor of the Star shakes his head solemnly, and in tragic tones tells of colonial ruin: "Here," says he, "wehave another indication of the unwillingness of the British investor to lend to the Australian colonies upon the terms they consider sufficient. And this unwillingness seems to us to be perfectly justified by the actual state of affairs in the several colonies, and thejiuancial mismanagement so prevalent among^them. The latest news from these colonies is of a very disquieting character. In Victoria there is something like a crisis—the Freehold Investment and Banking Company is, after all, to be wound up; in Queensland the Queensland Deposit Bank and Building Society has suspended payment; and in other colonies the labourers are clamouring for the assembly of the Legislature to sanction the commencement of public works intended to give work +o the unemployed." But the colonies have broad

shoulders, and are well able to bear all that can bo said about them, even by the orasular Star. TIIK NEW GOVERNOR. This same Star is also "down" upon Earl Glasgow, who is to succeed Eurl Onslow as Governor of New Zealand. This selection will make the third Scotch peer provided witli an Australian governorship by Lord Knutsford. The others are the Earls of Hopotouu and Kintore, neither of whom, says the above paper, "lire a whit more qualified by knowledge and trainic;; for colonial rule than Karl Glasgow is." The selection certainly is a surpriscto Scotch people, who know the Earl as an Ayrshire country gentleman with an experience of public affairs limited to local boardsHis cousin, the lato Earl, was a man of mark in Scotland, munificent in gifts to church objects and a hot politician, so that Earl Glasgow is probably reaping the reward of the family devotion to Chtirch and State. Ho is not rich, although the lato Earl gave him LIOO,OOO to consent to break the entail, out of which he bought his present estate of Kilburne. The result of this arrangement was that the immensely valuable estates of the Boyles round about Glasgow and elsewhere have been dispersed to enrich Lady Gertrude Cochran of Crauford Priory. ANOTHER BANKRUPTCY. It is n very easy thing to throw the blame from off one's cwn shoulders on to those of someone who is absent and cannot protect himself. Last week Mr Henry Hoare, who passed through the Bankruptcy Court, laid the blame of his insolvency to the depression in New Zealand. This week it is Mr B. P. Wilson, who appears before the court. The debtor, who was a wine merchant and colonial agent trading at 7 and 8 Idol lane, applied to pass his examination. He stated, in reply to the official receiver, that he was' fomerly in business at Wellington, New Zealand, where he commenced trading in 1871. He sold the business in 1884----to a limited company, from whom he received L2OOO. He then came to England for the purpose of taking up an appointment as managing director to the United Importers' Company, Limited.to whom he had sold his business. Ultimately, in 1889, he commenced his present business, being then [possessed of about L7OO or LBOO He attributed his insolvency to the failure of a firm.of peper manufacturers, for whom he had accepted bills, to liabilities incurred as agent for a firm of wioe and spirit merchants, and to loss through the foreclosure of property in New Zealand. The debtor passed his examination, and was adjudged bankrupt. ONE STAMP I'OR ALT- NATIONS, Mr Henniker Heaton's enthusiasm in the cause of. postal reform has in no wise abated. He is about to lay before the House of Commons a suggestion for an Imperial British stamp which shall be equally available throughout the whole of the British dominions ; that is to say, between the home country and any colony, and vice versa, and between any two colonies. Mr Hcaton's plan seems a very reasonable one and feasible also, but doubtless, officialism will see enormous difficulties in the way of its being carried out. AN AUSTRALIAN MATRIMONIAL KOMANCE. Some months ago the case of Rourke v. Thompson came before the courts, as I related at the time. Since then Mrs Thompson has been the cause of' great annoyance to the magistrates who tried the case, and the day before yesterday she once more appeared in the court to be a thorn in the side of the Master of the Rolls. This time she applied to have leave of access to her children. This was refused, and then ensued a lively scene between the Master of the Rolls and Mrs Thompson. The lady was not to be beaten down, and it was all the justices could do to uphold the dignity of the court. The Master of the Rolls: We have already decided that Mr'Rourke is entitled to the custody of the children, and we cannot go back from that decision now. We also decided that Rourke is the father of the children and is your husband. Mrs Thompson : That is false. The Master of the Rolls: You must sit down and be quiet. Evidence was given that he married you in Australia under the name of Thompson. Mrs Thompson : That is false. The Master of the Rolls: He did a most foolish thing, in order, to keep the matter from his father and mother. Mrs Thompson : It is not true. The Master of the Rolls: Silence, woman. The court came to the conclusion that you had a child by him iv Australia, and that it died and was buried out there. He proved that. Mrs Thompson : That was not my child. The Master of the Rolls: We decided that you had quarrelled, and that he escaped by ship from you. You followed him in the next ship, and it was proved to our satisfaction that you lived with him here in England as his wife, and that you had two children, who are his children.

Mrs Thompson reiterated that the whole statement was false.

The Master of the Rolls: We therefore came to the conclusion that he is entitled to the custody of the children, and that he has the right, which is 'absolute unless he does something wrong, to say where the children shall be kept and educated. The court has decided that he has the right to the whole control over them. Tho court also came to the conclusion that what you stated is wholly untrue. We saw the children, for the purpose of ascertaining whether Rourke was doing his duty by the children. They were two dear children, and I made them read to me. I talked to them, and I came to the conclusion that the father was doing his duty by them. Now you come and ask to have access to the girl. Mrs Thompson: Certainly. The Master of the Rolls: We have no power to order access to the children.

Mrs Thompson : Excuse me, my lord. The Master of the Rolls : Sit down.

Mrs Thompson : You have taken this man's bare word.

The Master of the Rolls: Make her sit down,

If I thought that you had altered your frame of mind and were not in a half-mad condition,

if I thought it safe that you should see the children, I should have persuaded the father to let you see them; but I am of opinion that you would destroy the girl's happiness—nay, more, that her life would not be safe. . Mrs Thompson : It is false that I ever married that man. I swear that before God. What, right has he to my children ? ! The Master of the Rolls: It will not help you, to interfere with the children. j

Mrs Thompson: He is not their father. This case was settled in your private room. II

is nothing but a lot of corruption. lam a woman without friends, but I tell you thati every word that you have poured out of yourj mouth is false. s

The Master of the Rolls : If you do not hold your tongue I will have you put out of court. Mrs Thompson: I say it is all lies. The Master of the Rolls : Ushers, put that woman out of court.

Mrs Thompson was then removed by force, she screaming violently all the time. DRAMATIC NOTES.

The production of Messrs Sims and Petbitt's comic opera, " Blue-eyed Susan," which took place at the Prince of Wales' Theatre on Saturday week, was a decided success. Miss Nellie Stewart, the Australian debutante, played the part of Susan, and was cordially received. She is intelligent,-active, and zealous, and sings her songs with vivacity and feeling as the the incident of the moment may require. " Her voice is exceedingly agreeable," says the Daily Chronicle, "and, unlike some singers, she does not use it in ensemble pieces as though wishful of swamping the efforts of her companions. Miss Stewart is likewise an accomplished dancer." Another Australian, Miss Marion Burton, plays William, and though at present she seems unaccustomed to the size of the house will doubtless in a little while feel thoroughly at home in the Prince of Wales' Theatre. The third of the colonial trio, Mr Alfred Plumpton, has also come out with flying colours, and of him as conductor it is said that his beat is clear and incisive, and he has the faculty of stimulating to like degree all who watch his baton. Mr Lawrence Cantley, who. with his bride, has just arrived from the antipodes, has been engaged to play Mr Henry Neville's part in the "Great Metropolis," now running at the Princess' Theatre, London. One of the best known figures at the Savage Club is that of Mr B. J. Odell, who has made many a Saturday night's gathering pass easily away with his most amusing recitations. Mr Odell is a comedian of sterling merit, but has, in consequence of impaired eyesight, been unable to follow his vocation for a long period. He has now to a certain extent recovered aud proposes to go to Australia, where he will return to his professional duties. When he arrives I am sure his ■ quaint and entertaining performances jvill be warmly welcomed by all antipodeans. By the way, "Ned's Chum," the New Zealand play, written and brought over by Mr Christie Murray, is now touring the English provinces and meeting with great success. There are three or four colonials in the cast, amongst them l/eing Master Leo Byrne, who plays the title nUe, and Miss Emily I'itzroy, the wellknown Melbourne actress, who plays the leading lady. The company are to proceed to America some time in November.